Golden Phoenix Completes Note Settlement With Win-Eldrich

Golden Phoenix Minerals (OTCBB: GPXM) entered into a definitive Termination, Settlement and Release Agreement with Win-Eldrich Gold, Inc.   (“WEG”) and Win-Eldrich Mines Limited, parent company of WEG (“WEX”) to settle an outstanding $4.2 million Promissory Note (the “Note”) owed to Golden Phoenix in exchange for a 2% net smelter return royalty (“NSR”) on the Ashdown Project, 3 million shares of WEX common stock, 1.25 million shares of American Mining Corporation (OTCQB: AMCM) and the right to appoint one individual to the WEX Board of Directors.

According to Tom Klein, CEO of Golden Phoenix, “The completion of this Definitive Agreement establishes a solid foundation to advance our business model with both Win-Eldrich and American Mining Corporation.  American Mining is uniquely positioned to provide production support for gold and silver with its milling facilities in Nevada.   Its interest in the 16 to 1 mill site near our Vanderbilt and Coyote Fault properties at Mineral Ridge creates the potential for rapid advancement of these projects from exploration to development to production.”

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